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2017


Eleventh Circuit to Weigh in on ‘Business Email Compromise’ Coverage Under Fidelity Bond

Eleventh Circuit to Weigh in on ‘Business Email Compromise’ Coverage Under Fidelity Bond

June 23, 2017

Banks have historically been at the forefront of technological advances in commerce. So it should be no surprise that they and other financial institutions were also among the first to suffer losses related to computer fraud and hacking.

FINRA Issues New Guidance on Social Media and Digital Communications

FINRA Issues New Guidance on Social Media and Digital Communications

June 23, 2017

In April, FINRA issued Regulatory Notice 17-18, which reiterates previous rules and provides additional guidance regarding the application of several key rules governing communications with the public to digital communications

FINRA Moves to Protect Seniors and Other Vulnerable Persons

FINRA Moves to Protect Seniors and Other Vulnerable Persons

June 23, 2017

FINRA has taken another step to protect against what it calls "financial exploitation of vulnerable individuals or individuals with diminished capacity."

FINRA Proposes to Loosen Restrictions on Performance Projections

FINRA Proposes to Loosen Restrictions on Performance Projections

June 23, 2017

The proposed exception would permit broker-dealer firms to provide clients with customized hypothetical investment planning illustrations that include the projected performance of an "asset allocation or other investment strategy."

FINRA Public Offering Proposal Excludes All Insurance Contracts

FINRA Public Offering Proposal Excludes All Insurance Contracts

June 23, 2017

For the first time since 2004, FINRA has proposed major amendments to its requirements that govern the terms of the underwriting arrangements for most public offerings of securities and mandate that such arrangements be submitted to FINRA for review.

More Fund Companies Sanctioned for Misusing Fund Assets for Distribution

More Fund Companies Sanctioned for Misusing Fund Assets for Distribution

June 23, 2017

The SEC recently settled enforcement actions against William Blair and two Calvert companies for using mutual fund assets to pay distribution-related expenses in violation of Investment Company Act Rule 12b-1 and for certain other misconduct.

Mutual Fund Advisers Win Again on Section 36(b) Claims

Mutual Fund Advisers Win Again on Section 36(b) Claims

June 23, 2017

Following a four-day bench trial, New Jersey District Judge Renee Bumb granted judgment to defendant Hartford mutual fund advisers on "excessive fee" claims brought by fund shareholders under Section 36(b) of the Investment Company Act of 1940.

Recent Ninth Circuit Rulings Uphold Plaintiffs’ Efforts to Predicate Claims on Alleged Insurance Code Violations — Likely More to Come

Recent Ninth Circuit Rulings Uphold Plaintiffs’ Efforts to Predicate Claims on Alleged Insurance Code Violations — Likely More to Come

June 23, 2017

Recent rulings suggest insurers face increased risk of suits predicating breach of contract and state unfair trade practices claims on alleged violation of state insurance laws, notwithstanding the lack of an express private right of action.

SEC Guidance Seeks Enhanced Disclosures by Robo-Advisers

SEC Guidance Seeks Enhanced Disclosures by Robo-Advisers

June 23, 2017

In February, the SEC staff issued a guidance update focusing on "robo-advisers," i.e., registered investment advisers (RIAs) who provide online, automated investment advice, through the use of an algorithmic program.

SEC Seeks Public Comments on Standards of Conduct for Investment Advisors and Broker-Dealers

SEC Seeks Public Comments on Standards of Conduct for Investment Advisors and Broker-Dealers

June 23, 2017

On June 1, SEC Chairman Jay Clayton issued a statement seeking comments from interested parties regarding the standards of conduct for investment advisers and broker-dealers providing investment advice to retail investors.

Disclaimer

The information on this website is presented as a service for our clients and Internet users and is not intended to be legal advice, nor should you consider it as such. Although we welcome your inquiries, please keep in mind that merely contacting us will not establish an attorney-client relationship between us. Consequently, you should not convey any confidential information to us until a formal attorney-client relationship has been established. Please remember that electronic correspondence on the internet is not secure and that you should not include sensitive or confidential information in messages. With that in mind, we look forward to hearing from you.